McCormick said net sales for Q2 2024 declined 1.0% from Q2 2023. Operating income was $234.1 million, up 5.5% from $221.8 million a year earlier. Adjusted operating income, excluding special charges, was $235.9 million, an increase of 0.3%.

1. 01

   McCormick said net sales for Q2 2024 declined 1.0% from Q2 2023. Operating income was $234.1 million, up 5.5% from $221.8 million a year earlier. Adjusted operating income, excluding special charges, was $235.9 million, an increase of 0.3%.

2. 02

   The company said diluted earnings per share for Q2 2024 were $0.68, compared with $0.56 a year earlier. It said adjusted diluted earnings per share, excluding special charges, were $0.69, up 15.0% from $0.60.

3. 03

   McCormick said it expects net sales for 2024 to range from a decline of 2% to 0% from 2023 levels, including an unfavorable impact of 1% from foreign currency rates. It also gave a range of $2.80 to $2.85 for adjusted diluted earnings per share, excluding an estimated special charges impact of $0.04.

4. 04

   The company said net cash provided by operating activities was $301.5 million for the 6 months ended May 31, 2024, down $92.7 million from the same period a year earlier. Dividends paid in the same period were $225.5 million.

Key figures

Quarter ended May 31, 2024

Revenue

$1.6B

Operating income

$234M

Net income

$184M

EPS

$0.68

Gross profit

$620M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.